Dr Wang Kai Yuen, Chairman, National Trust Council - Media Statement National Trust Council Media Conference

Dr Wang Kai Yuen, Chairman, National Trust Council - Media Statement
National Trust Council Media Conference
Singapore, 27 March 2001

1 As announced by Minister Yeo Cheow Tong at the launch, of e-Celebarations 2001 on 7th March, a National Trust Council has been formed with the mission of building confidence in e-transactions.

2 A secure and trustworthy environment is imperative for the growth of e-Commerce (EC) in Singapore. To encourage e-transactions among businesses and consumers, it is essential that trust and confidence be instilled amongst users, so that they will embrace online EC technologies with ease. With Internet fraud being one of the major obstacles to EC adoption, it is therefore timely that the National Trust Council is set up to identify pertinent issues and address relevant concerns to promote trust and reduce fraudulent EC practices.

3 The council has identified for itself several key roles, which will be instrumental in building confidence in Singapore for e-commerce transactions. Firstly, the council will take the lead in building a safe environment for e-commerce transactions. Commercial parties in a transaction may not have great confidence in one another, but they should be able to trust the Framework we are putting in place.

4 Secondly, the council will seek to promote the best e-commerce practices to businesses, so as to establish a conducive environment for e-business. For this purpose, we have set up two sub-committees. The first is a Trust Mark Sub-committee, headed by Mr Johnny Moo of the Singapore IT Federation. It will look into the trust marks, and how best practices in this area can benefit businesses. The second, a Risk & Fraud Management Sub-committee headed by Mr Bastari Irwan, Managing Director of the e-Business Group at DBS Bank, will be looking into how risk and fraud Management can sharpen a business' competitive advantage.

5 Thirdly, the council looks towards positive engagement with the government as a means to promote the interests of the e-commerce community in Singapore. This will be in the form of policy recommendations in areas we have identified and believe that government involvement will be crucial to the development of the industry.

6 Lastly, the role of the council is to act as a watchdog for the industry. Towards this end, we are implementing the first nation-wide trust mark programme known as TrustSg. The Council encourages existing and potential trust mark providers to accredit themselves under this programme. Upon accreditation, they will be regarded by the industry, as well as the general public, to be providers who insist on the most stringent e-commerce practices in their own accreditation standards. Known as our "Authorised Code Owners", or ACOs, they too in turn will be expected to apply the same stringent standards to the merchants they accredit. The first ACO is the Consumer Association of Singapore (CASE), which has been appointed for the business-to-consumer space.

7 In the coming year, the two sub-committees will be busy. The Trust Mark sub-committee will work towards educating businesses and consumers on the benefits of the trust marks and promoting the identity of the national trust mark, TrustSg. It will also be actively studying and making policy recommendations to government in relevant areas with the aim of improving confidence in e-commerce transactions as well as facilitating country-to-country initiatives and cross recognition of trust marks with international standards.

8 The Risk and Fraud Management sub-committee has as its first priority the implementation of a Risk Assessment Framework, which will be ready by the end of June this year. As an on-going process, the sub-committee will also seek to educate businesses on the risks involved in e-commerce, and how to reduce them. It will engage with businesses to develop strategies to prevent Internet fraud, as well as promote good practices to prevent them.

9 The council appreciates the support given by the Infocomm Development Authority of Singapore (IDA), including the secretariat support provided by Dr Kaizad Heerjee, Assistant Chief Executive of Online Development Group, and his team of officers. And now, Dr Heerjee, also a council member of the National Trust Council, will give you more details on the council and its programmes.

Last updated on: 13 Mar 2023